San Leon Awarded €16 Million in Default Judgment Against Tri Ri Asset Management

San Leon, the Dublin-headquartered oil and gas exploration firm, has been awarded damages totaling approximately €16 million by the High Court after a Canadian asset management firm failed to defend a lawsuit alleging breach of investment agreement. The judgment stems from a dispute over a deal where Tri Ri Asset Management Corp (Tram) allegedly reneged on an agreement to swap shares.

Background of the Dispute

San Leon plc initiated legal action against Toronto-based Tri Ri Asset Management Corp in March 2025, claiming the firm failed to honor a deal to exchange 419,000 shares in US technology company Palantir for a 10 percent shareholding in San Leon [Irish Times]. The lawsuit as well named Shan Ahmad Ali and Asad Ali, director and chief investment officer of Tri Ri, respectively.

Default Judgment and Damages

The defendants, Tri Ri, Shan Ahmad Ali, and Asad Ali, failed to submit a defense to the lawsuit. In April 2025, the High Court granted judgment in default of defense to San Leon [Independent.ie]. Judge Oisín Quinn assessed damages against Tri Ri at $18,171,500 (€15,687,092), calculated by determining the value of the Palantir shares due for transfer and deducting the value of the 10 percent stake in San Leon that was to be transferred to Tri Ri, with an additional 2 percent interest applied [Irish Times].

Allegations and Legal Representation

San Leon’s case against Tri Ri included allegations of breach of contract, conspiracy, and intimidation. Initially, Tri Ri retained the law firm Arthur Cox to contest the claims, filing papers challenging the court’s jurisdiction. But, Arthur Cox withdrew from representing Tri Ri in October 2024 after the relationship with their client “broke down irreconcilably,” citing difficulties in obtaining instructions and non-payment of fees [Irish Times]. Tri Ri did not secure alternative legal representation following Arthur Cox’s withdrawal.

Previous Asset Freezing Orders

Prior to the default judgment, the High Court had granted short-term orders freezing up to €50 million in assets owned by Tri Ri, its director Shan Ahmad Ali, and its chief investment officer Asad Ali [Irish Examiner] and [BizBrief]. These orders also restrained Tri Ri from selling its 419,000 shares in Palantir.